The complex bridge application was received at Cheval’s Watford base on a Thursday and funds were cleared by that Monday afternoon. In the interim, Cheval had to assess whether there was sufficient security, corroborate the applicants’ transnational credentials and the adequacy of their refinancing arrangements.
Although the loan fell within Cheval’s £1.5 million lending ceiling, the transaction was not straightforward and a number of “moving parts” had to be dealt with.
Cheval CEO Alan Margolis said: “This loan was a real challenge. The Cheval monies were required to meet overseas corporate commitments with an absolute immoveable deadline. Documents had to be provided from the United States and elsewhere, and everyone worked over the weekend to get the job done. Failure would have been disastrous for our borrowers and against the odds the loan completed in just 3 working days.”
